Rak Bank Online Business Banking
They offer RAK Bank online business banking in Dubai, and other parts of the UAE business accounts tailored to the company’s needs. Businesses enjoy the convenience of online accounts to streamline financial processes and transactions. Although RAK Bank also offers personal banking accounts, it started with a focus on serving businesses. It’s committed to providing comprehensive financial solutions that could benefit your company.
RAK Bank Business Solutions
RAK Bank serves UAE businesses with accounts, loans, and other financial products.
Credit Cards
RAK Bank issues credit cards for various types of personal and business accounts. The fees range in price, as do eligibility requirements. You must contact the bank to learn details about the card options for your situation and any associated fees or restrictions.
RAK Bank Corporate Executive Credit Card
Fee: Free for life
This card offers the benefit of 55 days of interest-free credit on purchases. It also functions as an automatic debit card for the outstanding card balance. It works at ATMs, POS, online, and through apps for purchases. The cards are secure via authorization required for issued cards to employees through a secured system with limits available. It also provides access to real-time expense monitoring and is covered by a Corporate Liability Insurance Waiver. Employees enjoy airport lounge access, accident insurance, and coverage for medical emergencies, lost baggage, and trip cancellations.
Types of business bank accounts
RAK Bank offers a choice of six business accounts to meet the needs of diverse companies.
Current Business Account
Monthly Maintenance Fee: AED 50
A bulk Transaction fee of 0.10% for amounts up to AED 500,000
Eligibility
To apply for a Current Business Account, the applicant must possess a valid trade license, Emirates ID for all company signatories, visa/passport for all company signatories, and other company documents as requested by RAK Bank. Upon completing the online application, businesses receive an instant “inactive account number.” A bank representative will contact you within one day and set up a time to appear at the bank and sign documents if eligible, to open an account. Once approved by the bank, your company’s new account gets activated.
The Current Business Account gives new entrepreneurs a zero-balance bank account. It functions for currencies including GBP, USD, AED, and Euro funds. You earn competitive interest rates for fixed deposits without fallback or leger fees. You also get unlimited checkbook use. Companies receive a dedicated relationship manager and around-the-clock phone banking services. The account comes with a free cloud accounting package, complimentary business insurance, the option of bundling RAKValue SME for an additional 49 AED per month, and full feature Mobile POS machine at competitive costs.
Interest Rates
AED 500,000 to 4,999,999.99 = 0.10%
AED 5,000,000 to 14,999,999.99 = 0.15%
AED 15,000,000 and over = 0.25%
RAKstarter Account
Monthly Maintenance Fee: AED 0
A bulk Transaction fee of 0.10% for amounts up to AED 500,000
Eligibility
Any business with a legitimate trade license for operations within the UAE.
And has been established for under one year.
You need to provide the following:
01. Valid Trade License of your company.
02. Memorandum of Association (MOA) applicable if LLC constitution).
03. Valid identification documents of authorized signatories i.e. Emirates ID and Passport
04. Proof of your current business address (such as Ejari, Utility Bill).
05. Source of income (Bank Statements, credit card statements, VAT return, Sister company bank statements)
The RAKstarter account provides new entrepreneurs with a zero-balance account in various currencies including GBP, USD, AED, and Euro. Fixed deposits earn competitive interest rates, no fallback or leger fees, and unlimited checkbook use. Companies receive a dedicated relationship manager, and around-the-clock phone banking services. The account comes with a free cloud accounting package, complimentary business insurance, the option of bundling RAKValue SME for an additional 49 AED per month, and full feature Mobile POS machine at competitive costs.
Interest Rates (Bonus Progam Promotion for minimum balances)
AED 500,000 to 4,999,999.99 = 0.10% plus a bonus of 0.25%
AED 5,000,000 to 14,999,999.99 = 0.15% plus a bonus of 0.50%
AED 15,000,000 and over = 0.25% plus a bonus of 1.00%
Business Elite
Monthly Maintenance Fee: AED 250 per month if the minimum balance drops below AED 500,000
A bulk Transaction fee of 0.5% for cash amounts over AED 1 million
Eligibility:
Open to Islamic Business and Conventional RAK Bank business account holders. Only for AED and USD accounts.
The minimum average credit balance is AED 25,000, 10,000 USD, and 10,000 GBP.
The Business Elite Account is reserved for exclusive banking customers at RAK Bank. It affords accountholders with higher daily withdrawal limits, preferential exchange rates, a dedicated relationship manager, fast tracking of all banking requests, free valet services, golf courses and lounges throughout the world, and access to exclusive Business Elite service centers. Fund transfers are free. Enjoy stress-free digital banking services in twelve different currencies. Teller services and ETF transfers are free. Business Elite Accounts may qualify for the enhanced interest promotion, offering 0.25 to 1.00% bonus interest payments through December 31, 2022.
Payroll Account
Payroll Accounts offer employees benefits of no minimum balance requirements, a free checkbook monthly, a Free for Life Credit Card, Instant Money Transfers at 27 banks throughout India, the Philippines, and Cebuana Lhuillier through RAKMoney, and preferential rates when eligible for loans. Employees may have one free international digital transfer through RAKMoney or Swift, and unlimited domestic remittances through digital banking.
Gold Account
Eligibility
You must have a RAKBank account in good standing to set up a Gold Account.
The Gold Account allows clients to buy and sell Gold through RAKBank at the prevailing prices at the time of the purchase or sale in real-time. Customers may buy and sell Gold amounts from 1 gram upwards at any time, digitally.
Merchant Account
A bulk Transaction fee of 0.10% for amounts up to AED 500,000
The RAK Merchant Account is open to eligible businesses of all sizes, retail, and e-commerce. Customers receive a dedicated relationship manager, no ledger or monthly maintenance fees, digital banking services around the clock, interest paid on account balances, a payment gateway, and low merchant payment solutions.
Business Loans
RAK Bank’s Digital Business Finance offers loans tailored to meet the needs of each business customer with small to medium-sized companies. Loans do not require collateral, apply online for a fast decision for loans up to AED 3 million. Minimum documentation is required and loan terms are flexible with up to 60 months for repayment.
Trade Finance
Trade Finance provides businesses with funds to maintain day-to-day operations through letters of credit, guarantees, and trust receipts.
Maintenance Fees: AED 100 minimum to 500 per month
Other Fees: AED 100-350 flat rates with fees of AED 0.125% to 20%, depending on the terms of the contract.
Commercial Banking
RAK Bank offers an array of commercial banking and lending solutions for Real Estate, Import, Export, and other companies. Services include loans, letters of credit, non-collateral, and asset-based financing to meet day-to-day Capital movement needs for eligible businesses.
Other Services
Transaction Solutions such as collections, deposits, wage protection systems, covering payments, interest-bearing calls, and current accounts, with online access.
Islamic Murabaha Overdraft provides finance against revenue for competitive profit rates.
Interest Rate: The commercial prime rate is 9.25%.
Islamic Term Finance
Financing solutions with terms compliant with Sharai ‘ah law with financing against rentals and commercial property holdings.
Business Insurance Solutions
RAK Bank provides companies with insurance solutions that cover health, group life, workmen’s compensation, contractors, plant and machinery policies, property all risk, and marine and aviation insurance.
How to Apply:
Interested persons must send an email through the RAKBank website to inquire about specific insurance products. Include your name, company name, and contact information, and a representative will contact you to discuss your company’s insurance needs and further details.
RAKvalue
Fee: AED 49 per month
RAKvalue AME Plus is a comprehensive business solution that provides automated accounting through a connected banking experience and an integrated VAT solution. The plan comes with business insurance Basic and other lifestyle and banking benefits. You can upgrade to RAKvalue Max for AED 149 per month for maximum banking and lifestyle benefits, including advanced cloud accounting packages.
How do you open an account at RAK Bank?
Most accounts can be opened quickly and easily via forms supplied at the online website. You’ll need to have the information for your company including the business name, contact person’s name, and contact information. You’re asked to complete forms for each account application, submit the forms and wait for either a call from the bank representative or online approval.